SHANGHAI, Jun. 30 (SMM) –LME tin opened at USD 14,800/mt on Monday. The metal touched day’s high of USD 14,800/mt and day’s low of USD 14,315/mt before closing down USD 515/mt at USD 14,360/mt. Trading volumes were up 104 lots to 236 lots, and positions were up 102 to 19,299. Inventories grew 300 mt to 7,110 mt. Despite China’s interest rate and RRR cuts, the country’s stock market still slumped, souring market sentiment. Imminent Greek default also dampened investor sentiment. These negative factors were blamed for the decline in LME tin prices. Worries are growing the Greek debt issue will cause ripple effect on economies in Spain and Portugal. So, LME tin will remain vulnerable to declines and look for support at USD 14,300/mt on Tuesday.
SHFE 1509 tin contract fell to RMB 109,060/mt during Monday’s night session, but then rebounded to RMB 109,510/mt. SHFE 1509 tin opened lower on Tuesday as falling LME tin overnight prompted shorts to enter. The contract is expected to hover around RMB 110,000/mt on Tuesday. In domestic spot market, mainstream traded prices might fall to RMB 111,500-113,500/mt, dragged down by LME and SHFE tin.
